It may have caught some in Vancouver off guard that the Coyotes could relocate to the Northwest, but we Seattlites have been following the possibility of an NHL team in the area for years. Like some commenters have said, KeyArena is not suitable for a team. It is small and outdated. However, the loss of the Sonics really pissed people off, including some rich folks. Those rich folks also see opportunity. There has been a lot of discussion toward building a new area on the eastside in downtown Bellevue. Other discussion has centred around building an arena near Safeco Field. The possibility of a team relocating to the region is real. They have the potential owners, a possible arena, and a built in fan base.
I for one would welcome a Seattle team with open arms. They would be my team! But so would the Canucks. Thus I am happy and sad. Happy in that I will have two team to cheer for, twice as much hockey to watch on tv, an easier time making it to a game. Sad because several times a year I will be forced to choose who to support (I love my Canucks too much to support someone else) and I won't be able to focus as much on the Canucks.
Still, even though it would be both happy and sad, overall it would be a tremendous thing. It seems that everyone already hates the Canucks but there isn't a main rival. Periodically rivals stoke up with teams but nothing is that long lasting hate (expect the Bruins, screw them). A team in Seattle would provide the rivalry, making me happy and sad.